Working with Credit Union Branch managers

[promortplanner]

Credit Union Branch Managers can be a tremendous lead source and great referral partner. Many times credit unions have awesome 2nd mortgage rates if the customer is a depositor of the bank. As a loan officer I often get borrowers who need to pull out equity from their home for improvements, adding a swimming pool or paying off debt. Problem is that the loan amounts can sometimes be so small that it's better to spin out the loan to a bank or credit union who love doing 2nd mortgages in the small loan amount range. This can be a great opportunity to refer clients to eachother where the bank can send you clients that don't necessarily fit their guidelines or can get more competitive loan product and rates with a broker.

Anyone have any experiences they would love to share for anyone on how to increase relationships with bank and credit union branch managers?

[OregonLO]

I was thinking about trying to approach some Credit Unions. They tend to only work within their own bank and they have to turn away clients. They always need somewhere to refer them! Any suggestions for landing a couple of these people?

[promortplanner]

I don't have any real suggestions other than have patience. Just the same as building the right relationships with realtors - these things take time to build trust. Most loan officers don't have the patience and give up too quickly. Contact some of these bank managers and let them know that if you have clients who need a low dollar home equity line - can you count on them to refer business over. Guarenteed - they will not turn down the notion or prospect of new business. Keep in mind -this is only an excuse to get in front of them. From there, build rapor. If you're consistent I'm sure you can make it work.

[OregonLO]

I'll have to give it a shot. Fortunately for me I'm very persistant and have the patience to make things work. Thanks for the information.

[BrokerBusenitz]

never thoguht that would work....:)